Before the Open (Jun 16)

Good morning from Telluride.
The Asian/Pacific markets closed up across the board – there were a couple 1% winners. Europe is currently down across the board – losses are small. Futures here in the States point towards a gap down open for the cash market.
Today will be a good test because yesterday new highs were made…the market seemed very determined to move up regardless of what was thrown its way. Today’s open will disrupt that sentiment, so we’ll get to see if the market can shake off whatever is causing the gap down and power upward despite it.
Here’s an update of the SPX 60-min chart. Blue resistance was taken out last week, and yesterday horizontal resistance was taken out. There’s still lots of overhead supply…there are many who have a strong desire to ‘get out even,’ but for now, it’s a step in the right direction.

The market has digested lots of bad news the last few weeks, and it still managed to hold its previous low – not bad. Longer term the indicators still suggest a structural change is underway, but shorter term the market could easily grind higher on lighter volume for a couple weeks. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers